** IMPORTANT NEWS **
FOR CONDO BUYERS AND SELLERS! MAJOR CHANGES TO FHA CONDO APPROVALS!
As of October 1, 2009, FHA condo spot approvals will be gone. We will be starting from scratch with no approved projects until lenders start submitting approval packages to HUD. Sellers: FHA loans on the condos will come to a sudden halt for a period of time. Buyers: If you're looking to go FHA, you need to move on the condo NOW!
Read More: "FHA Condo Approval Process: MAJOR Guideline Changes" * "Major Changes to FHA Condo Approvals: Starting Over on 10-1-09"
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In today's real estate market, you need an agent who can be your personal guide through the long and often frustrating short sale process, and your ally throughout the homebuying process. Having attended college, lived, worked, and raised a family here in the Tampa Bay area, I'm the local expert. (Click here to learn more about me.)
What This Means for YOU!
- Your Personal Guide Through the Homeselling/Homebuying Obstacle Course: I will take as much time as necessary to make sure you understand each step of the short sale, selling or buying processes, so you can feel secure with the decisions you make. You're always a VIP when you hire the A.J. Team!
- Your Ally in Troubled Times: When you feel helpless against an adversarial lender, I'll stand with you to help protect your interests and future. I'll help you get your home sold, your debt forgiven, your stress relieved, and your lender off your back.
- More Time for You, Less Time Hunting for Your Dream Home: I know the neighborhoods that will meet your personal criteria.
- Contacts, Contacts, Contacts! Not sure where to begin looking for a lender, homeowners insurance, or a property inspector? Don't trust your home to a company picked at random out of the telephone book. I can point you towards local professionals who can help you and provide the services you need.
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Are you a musician looking to sell or short sale your home, or buy a new one? ( Click here to learn about my drummer background.)
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The News YOU Need!
Want ALL the latest real estate news? Click Here!
White House may extend homebuyer tax credit Economists are evaluating the $8K tax credit's impact on home sales and will make a recommendation to the president. Read more.
Mortgage modifications hurt some homeowners Lenders reduce interest rates but not principal, and roll in penalties and fees. For 54.5% of at-risk owners, payments rose. Read more.
$8K tax credit buyers should check fine print IRS spokesman Michael Dobzinski says misconceptions abound, and buyers should understand the details before they close. Read more.
$8K buyer tax credit extension possible Odds are the credit will be extended and even broadened to cover all buyers, but probably not increased to $15,000. Read more.
Hotel package appeals to second home shoppers A new "Future Floridian" hotel package includes a room, "preferred list of Realtors," local guidebook, GPS and foot massage. Read more.
Sellers frustrated as short sales collapse Only 23% of short sales close, and 90% of real estate agents blame the lenders. Read more.
Fed program could speed up short sales Proposal to standardize program would simplify docs, give cash incentives to lenders and $1,500 to borrowers. Read more.
IRS cracking down on false tax credit claims Not everyone claiming the $8K first-time homebuyer tax credit qualifies, and the IRS is investigating if it suspects fraud. Read more.
Buyers shouldn't wait on falling prices Some clients fear overpaying for property, but waiting could be the bigger mistake. Buyers should understand three things. Read more.
Big lenders drag feet on helping homeowners The Treasury released a report on banks' efforts to help at-risk owners, and BofA, Wells Fargo and others scored poorly. Read more.
Treasury Announces Home Price Decline Protection Incentives RISMEDIA, August 4, 2009-As part of an ongoing effort to expand relief to struggling homeowners, Treasury released the Supplemental Directive for its Home Price Decline Protection (HPDP) program, a component of the Home Affordable Modification Program (HAMP). Read more. RISMEDIA, August 4, 2009-As part of an ongoing effort to expand relief to struggling homeowners, Treasury released the Supplemental Directive for its Home Price Decline Protection (HPDP) program, a component of the Home Affordable Modification Program (HAMP). .
Feds to shame lenders not helping homeowners By publishing the names of slow-moving companies, officials hope public outrage will get the industry on track. Read more. By publishing the names of slow-moving companies, officials hope public outrage will get the industry on track.
Free legal advice for at-risk homeowners The Fla. Bar offers advice to Floridians facing foreclosure and the ability to search for a local pro bono lawyer at www.floridabar.org.
Florida Offers Help to Some with Home Down Payment RISMEDIA, July 2, 2009-(MCT)-Starting Wednesday, Florida hopes to stoke its real estate market by becoming one of the few states to offer $8,000 in down-payment assistance to qualified home buyers so they can benefit upfront from a new federal tax credit.
“Here in Florida, rather than qualified buyers waiting to get the tax credit on the tail end of the process, in the form of a credit after they have filed the tax returns, it will allow them to get it upfront and let them use it for down-payment assistance and fees,” said David Hart, vice president of legislative and government affairs for the Florida Home Builders.
Read more.
Is a stronger tax credit needed to motivate prospective buyers? RISMEDIA, June 25, 2009-Despite affordable home prices and low interest rates, the majority of Americans considering a home purchase still need a little extra incentive. According to a recent survey conducted by Weichert, Realtors, increasing the current tax credit to $15,000 and/or extending it to all buyers would offer the motivation needed to turn more onlookers into buyers. Read more.
Mortgage rates fall from 7-month high Rates for 30-year home loans fell to 5.38% this week after soaring to a seven-month high last week. Read more. Rates for 30-year home loans fell to 5.38% this week after soaring to a seven-month high last week. .
Get the most out of $8K tax credit For some, it's better to wait until 2010 to take the homebuyer tax credit and increase 2009 paychecks. Read more.
DOWNPAYMENT ASSISTANCE BACK ON AGAIN: Details of FHA's $8K downpayment advance
HUD says FHA borrowers need at least 3.5% down, and consumers cannot tap into it until lenders flesh out details. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-052909.cfm HUD says FHA borrowers need at least 3.5% down, and consumers cannot tap into it until lenders flesh out details. Read more.
Mortgage rates rise, remain below 5%
Rates on 30-year mortgages rose this week to average 4.9%; most analysts predict more increases. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-052909.cfm Rates on 30-year mortgages rose this week to average 4.9%; most analysts predict more increases. Read more.
11% of Florida homes in foreclosure process
Florida ranks first nationally for homes in foreclosure and is the only state in double digits. The national rate is 9.12 percent. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-052909.cfm
Number of Home Sales Rises, But Prices Keep Plummeting
Washington Post (05/28/09) P. A13; Merle, Renae
Sales of existing homes in April beat analysts' expectations by rising 2.9 percent from March to a seasonally adjusted annual rate of 4.68 million units, according to the National Association of Realtors, but the housing market is still weak because there are so many properties on the market. The number of homes for sale rose nearly 9 percent last month to a 10.2-month supply, and distressed homes now account for 45 percent of the market. Median home prices plunged to $170,200 -- down 15.4 percent from last April -- because of the excess inventory
J. Rob Pinion II, SVP Divisional Manager, Pinnacle Financial (5/28/09): "Yesterday was the largest increase in rates I have seen in many, many years. This was particularly troubling because we really could not determine a reason for the drop in the bond market. This is the answer that we got this morning: The market is not rebounding much this morning, but it does appear that it has stopped it's drop."
Rise in Rates Jolts Markets
Wall Street Journal (05/28/09) P. A1; Rappaport, Liz
The Federal Reserve has been purchasing mortgage-backed securities and Treasuries in an effort to hold down mortgage rates and move the economy out of recession, but mortgage rates and Treasury yields both hit a six-month high on May 27. Investors increasingly are concerned that the central bank's strategy could cause inflation, and they worry that demand will be lacking for the $2 trillion in Treasury bonds it plans to sell this year to pay for stimulus programs. Additionally, higher interest rates will reduce investor demand for existing mortgage-backed securities, as the loans included in new securities will pay more interest.
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